Aami accounting - Study guides, Class notes & Summaries
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AAMI ACCOUNTING ONE FINAL REVIEW 2024 QUESTIONS AND ANSWERS
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AAMI ACCOUNTING ONE FINAL REVIEW 
2024 QUESTIONS AND ANSWERS 
How do you increase an asset account? - Correct Answer ️️ -Debit 
How do you decrease an asset account? - Correct Answer ️️ -Credit 
How do you increase a liability account? - Correct Answer ️️ -Credit 
How do you decrease a liability account? - Correct Answer ️️ -debit 
How do you increase revenue? - Correct Answer ️️ -Credit 
How do you increase expenses? - Correct Answer ️️ -debit 
What is the accounting equ...
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AAMI Accounting 2 Final Exam/ 75 Answered Questions 2024
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AAMI Accounting 2 Final Exam/ 75 Answered Questions 2024
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AAMI Accounting 1 Final Review exam 2023 with 100% correct answers
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Account receivables are: - correct answer -Assets 
 
Cash is considered to be: - correct answer -Asset 
 
Which of the following is an example of a liability: - correct answer -Accounts Payable 
 
True or False - The expanded accounting equation is: Assets = Liabilities + Owner's Equity - correct answer -False 
 
Gross profit minus expenses equals: - correct answer -Net Profit 
 
Which of the following is not factored into computing Owner's Equity in the expanded Accounting equation: - correct...
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AAMI Accounting 2 Final exam 2023 with 100% correct answers
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The concept that prices rise over time - correct answer -Inflation 
 
Another term for sales - correct answer -Revenue 
 
Sales - Cost of Goods Sold - correct answer -Gross Profit 
 
In an inflationary period what method of inventory valuation would lower profits - correct answer -LIFO 
 
In an inflationary period what method of inventory valuation would increase profits - correct answer -FIFO 
 
In a deflationary period what method of inventory valuation would lower profits - correct answer -FI...
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AAMI ACCOUNTING ONE FINAL REVIEW EXAM WITH 100% CORRECT ANSWERS 2023
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AAMI ACCOUNTING ONE FINAL REVIEW EXAM WITH 100% CORRECT ANSWERS 2023
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AAMI Accounting 2 Final Exam with Certified Solutions
- Exam (elaborations) • 15 pages • 2024
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AAMI Accounting 2 Final Exam with 
 
Certified Solutions 
 
The concept that prices rise over time Inflation 
 
Another term for sales Revenue 
 
Sales - Cost of Goods Sold Gross Profit 
 
In an inflationary period what method of inventory valuation would lower profits LIFO 
 
In an inflationary period what method of inventory valuation would increase profits FIFO 
 
In a deflationary period what method of inventory valuation would lower profits FIFO 
 
In a deflationary period what method of in...
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AAMI ACCOUNTING ONE FINAL REVIEW WITH VERIFIED SOLUTIONS
- Exam (elaborations) • 12 pages • 2024
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AAMI ACCOUNTING ONE FINAL REVIEW 
 
WITH VERIFIED SOLUTIONS 
 
How do you increase an asset account? Debit 
 
How do you decrease an asset account? Credit 
 
How do you increase a liability account? Credit 
 
How do you decrease a liability account? debit 
 
How do you increase revenue? Credit 
 
How do you increase expenses? debit 
 
What is the accounting equation? Assets=Liabilities+Owner's Equity 
 
Cash is a(n): Asset 
 
Revenue is a(n): Owner's Equity 
 
Accounts Receivable is a(n): Asse...
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AAMI ACCOUNTING ONE , AAMI ACCOUNTING TWO exam question and answer latest update
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AAMI ACCOUNTING ONE , AAMI ACCOUNTING TWO exam question and answer latest update
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AAMI Accounting 2 Final Exam with Verified Answers |Latest 2024/2025
- Exam (elaborations) • 9 pages • 2024
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AAMI Accounting 2 Final Exam with 
Verified Answers. 
The concept that prices rise over time ️ Inflation 
Another term for sales ️ Revenue 
Sales - Cost of Goods Sold ️ Gross Profit 
In an inflationary period what method of inventory valuation would lower 
profits ️ LIFO 
In an inflationary period what method of inventory valuation would 
increase profits ️ FIFO 
In a deflationary period what method of inventory valuation would lower 
profits ️ FIFO 
In a deflationary period what met...
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AAMI Accounting 2 Latest 2024 Already Passed
- Exam (elaborations) • 8 pages • 2024
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AAMI Accounting 2 Latest 2024 Already 
 
Passed 
 
Total Units Cost divided Total Cost equals Unit Value 
 
Total Units available for sale equals Beginning Inventory + all purchases 
 
FIFO First In Last Out 
 
LIFO Last In First Out 
 
CGS Cost of Goods Sold 
 
Rising market 
LIFO: gives Higher (CGS) 
 
Rising market 
FIFI: gives Lower (CGS) 
 
Declining market 
LIFO: gives Lower (CGS) 
 
Declining market 
FIFO gives Higher (CGS) 
 
Higher (CGS) Lower profit 
 
Lower (CGS) Higher profit 
 
Spec...
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